No matter where you are on the path to successful real estate investing, you need support. Many financially comfortable investors attribute a lot of their success to having a mentor early in their career. Great mentors can be found among various real estate professionals, but ideally, your mentor should have significant investing experience.
If you don’t know where to find a mentor and feel isolated from other investors in your area, don’t worry; you have options. However, finding the right real estate business leaders and connecting with them can take time. After all, building the most beneficial professional relationships doesn’t happen overnight.
Where can you find a mentor? Many investors start with a real estate mastermind group, but are they worth your time? Can connecting to the real estate investing community become a cornerstone of your investment success? Today we learn about mastermind groups and explore their potential benefits.
What to Expect from a Real Estate Mastermind Group
A real estate mastermind group is a social circle of investors who meet together several times each year. A simple online search may bring up hundreds of mastermind groups that you can choose to be a part of as you explore how to get started in real estate investing. Some of them may be local, and others may be national, but they all attempt to offer benefits and insights to their group members.
During a mastermind group meeting, active investors come together either virtually or in person to share their insights, successes, and failures. There may be presentations from mentor figures with many years of experience, and there should always be ample opportunities for networking between presentations. Some meetings may include meals, while others may be less formal. No matter the meetings’ exact structure, mastermind meetings are packed with high-value information from investors who are currently experiencing success as they invest in real estate.
What a Mastermind Group Should Do for You
While most mastermind groups function roughly the same way, they won’t all suit your needs. Therefore, it’s crucial to consider your long-term goals and the type of real estate investment strategies you favor before choosing to join any particular group. Ideally, you should find a real estate investing community to help you push forward by gaining knowledge and connections. While it’s true that you will only get out of the group what you’re willing to put into it, you should be able to reap the following benefits when you join a mastermind group.
Meet Like-Minded Investors
While a new real estate investor may be most concerned about finding a mentor figure from a mastermind group, they shouldn’t pass up any opportunities to interact with like-minded investors that might never become a “mentor.” When joining a mastermind group focused on the type of investment strategies you prefer, you’ll suddenly be connected with other investors who share similar interests and goals. As you interact with them, see what you can learn from their unique approaches to your chosen strategies.
Maintain Your Edge
One of the most significant challenges real estate investors face is complacency. If a strategy works for you now, you might think you can rely on it forever. However, the real estate market is notoriously turbulent. A real estate investor needs to stay up to date on industry and market trends to ensure they can adapt the strategy that works for you now to create the strategy that will also work for you in the future. Mastermind groups are ideal venues for the continuing education you need.
Learn About Resources
Technology has completely revolutionized the way real estate investors find and leverage deals. Just like the real estate market itself, technology is always changing. Real estate investors need to know what other successful investors use to drive their success and find new properties. Ideally, your mastermind group will bring in investors who use a variety of resources. As you network with them, make sure you pay close attention to any information you hear about technology that will help you stay ahead of the game.
If you gain nothing from a mastermind group beyond new connections with other investors in the real estate industry, joining the group was almost certainly still worth your time. Networking with other investors in your area or across the country is essential to your success. As you build strong professional relationships, you will likely find that you have access to more property and team member leads from your network than you would get from anywhere else. In addition, building a successful real estate investing team to support your long-term success can be easier with the connections you form in a mastermind group.
Property investing isn’t for everyone, and it can be a lonely path if you don’t connect with other investors. However, if no one else in your personal life shares your interest in the real estate investment game, you don’t have to feel isolated. Joining a mastermind group instantly connects you with other investors who share your struggles and successes. With a fully-fledged support network, you’ll suffer less from your mistakes and find more joy in your triumphs.
Make Sure Your Mastermind Group Meets Your Needs
Finding the ideal mastermind group isn’t necessarily easy, but you can hedge your bets by paying attention to the most essential features of a group. However, real estate investors don’t need to know everything about a group before they get involved with one. Many groups allow new members to attend one or two meetings on a trial basis, so you shouldn’t have to commit to a group you’re unsure about. During your trial period, assess if the real estate investing community is right for you.
As you evaluate a mastermind group, pay attention to the people around you. If you are one of the most or least experienced investors in the group, it’s likely not a good fit for you. Property investors need to network with investors who have similar levels of experience to maximize their experience in a group. Still, it also helps to connect with investors that have more experience and learn from them. With great mentors and fellow investors, you should be able to grow your experience with real estate investments as you attend group meetings throughout the year.
Cornerstone or Waste of Time? Real Estate Investors Must Decide!
In the end, you are the only person who can decide whether or not a mastermind group is a good fit for your journey to becoming a financially successful real estate investor. For some investors, investing time and money into a mastermind group isn’t worth what they gain from the experience. As you explore various mastermind groups, don’t be discouraged if none of them are quite right for you; you may just need a different tool for networking.
Even before you find a group, you still have great resources at your disposal that can help you learn how to get started in real estate investing (and grow)! With Privy, you have a daily resource that finds the best investment property deals for your goals and sends them directly to your inbox. Investors can confidently attack the right type of fix-and-flip or rental properties for the right area with the Privy Advantage. Reach out to learn more about how it works!
Find out who should be part of your real estate investing team when downloading our free resource, “Assemble Your Real Estate Investing Team: A Worksheet.”